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« Massive Gold Earthquake Now Shaking The Financial System | Main | New Chinese Exchange-Traded Products Poised to Further Boost Gold Demand »

Ditched: More High-Profile Mines and Projects—Steve Todoruk

Henry Bonner

Key points: Major mining companies are getting rid of some of their biggest and most expensive operations that are unprofitable. This could result in positive earnings growth ahead.

Steve Todoruk joined Sprott Global Resource Investments Ltd. as an Investment Executive in 2003. He has argued that the recent wave of write-offs might help the market for exploration and mining stocks.

But the pain before the possible upside is still coming: Alaska’s “Pebble” deposit just bit the dust.[1] Steve talked me through these events and what it means for shareholders in mining stocks.

“The Pebble deposit is one of the largest discoveries of a copper-gold deposit in the last 10 years.  A well-known Canadian exploration company called Northern Dynasty Minerals (run by the Hunter Dickenson Group) made the original discovery. In 2007, Anglo American PLC, based in London, entered as a joint venture partner to provide capital for the very expensive ongoing development work.”

Northern Dynasty and Anglo American had discovered a total of 81 billion pounds of copper, 107 million ounces of gold and 5.6 billion pounds of molybdenum at the Pebble deposit.[2]

To read this interview in full please click here.

With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

Great care will be needed in the selection process in order to generate a reasonable profit and that’s where our new venture begins. ‘Stock Trader’ has begun trading on behalf of ourselves and our much valued subscribers, all exciting stuff which we are really looking forward to, if you wish to join us then please subscribe below;

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